CNBC's Closing Bell
@CNBCClosingBell
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Closing Bell hosted by @ScottWapnerCNBC airs live Monday-Friday from 3PM-4PM ET on CNBC. Taking you through the most important hour of trading and beyond.
Joined February 2009
.@SaraEisen asks @briandeesenec why @elonmusk wasn't invited to this week's White House meeting with CEOs about Build Back Better.
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"Sometimes I would talk to the guys, the leaders, and it would be like I was on mute or something.". @kanyewest tells @SaraEisen why he is terminating his Gap deal $GPS:
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German Health Minister @jensspahn joining us in an exclusive interview to discuss why Germany is handling the coronavirus outbreak better than some other countries and a potential timeline for reopening Germany's economy. Check out the entire interview below:
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"A lot of projects you see going on here are going to go to 0. the scams, the charlatans, the easy money guys, those people are going to get shaken out in the next 6m, & you're starting to see that now," @BitfuryGroup @BrianBrooksUS .#bitcoin #crypto
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@elonmusk says Tesla is aiming to roll out the Model Y by 2019. It will then have four car models in production - notice a pattern?
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"This six-foot distancing requirement has probably been the single costliest mitigation tactic that we've employed in response to COVID," says @scottgottliebmd.
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.@mcuban on Boeing saying if it accepts government money, it doesn't think the government should take an equity stake: "I'd say bye, see ya!"
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"We did this shoe, this knit runner, I told them, 'This needs to be a marathon shoe.' And it ended up being the most uncomfortable #Yeezy ever.". @kanyewest tells @SaraEisen about his dissatisfaction with @adidas.
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"These are all methods that we learned from the Americans," says deCODE Genetics CEO Kari Stefansson on Iceland's ability to control the coronavirus spread. “You taught us how to do this but you haven’t been doing it yourself. And that is pretty sad.”
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"I think it's time to get bullish," says @fundstrat. "That's our bet that May ends up being a very strong month for stocks, even better than it's been already."
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"There has not been a variant of COVID that has actually, truly changed the direction of the economy," says Tom Lee @fundstrat. "So I know this is very alarming, but investors need to take it in stride too."
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"ESG is not as good for investing processes as people claim," says former BlackRock CIO of Sustainable Investing Tariq Fancy. "The reality is it doesn't pay that much to be responsible. and none of it has any real social impact."
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Here's why EMJ Capital's @ericjackson predicts $NVDA will be a $6T company by the end of the year at $250 a share:
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.@usopen champion @EmmaRaducanu in the house! She stopped by Post 9 at the @NYSE earlier today, which she says was on her NYC bucket list!
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"Automotive engineering . computer hardware and software, financial literacy and financial engineering and shoutout @elonmusk, rocket science," @kanyewest talks his hopes for education curriculum in America.
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The bull market marks its 2-year anniversary tomorrow. @Fundstrat's Tom Lee gives his outlook for the road ahead:
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UP NEXT: We're taking a trip to #UnicornIsland with YouTube's Lilly Singh @IISuperwomanII. Tune in! #AT2UI.
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Stocks are back in the green to close out the volatile week on Wall Street, close to fully reversing the week's losses. Here's why @fundstrat believes "the worst is behind us" for the market:
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"We actually have not had any challenges with labor," says @target Chairman & CEO Brian Cornell. "Our turnover rates are the lowest we've seen in years." $TGT
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Are these sell-offs in Nvidia a buying opportunity? @Fundstrat's Tom Lee makes the case $NVDA
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TODAY: Don't miss our exclusive interview with @IvankaTrump and @IMFNews Managing Director @KGeorgieva. They will join us at 4pm ET to discuss the one-year anniversary of the Woman's Global Development and Prosperity Initiative. Tune in!
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“I’d say that stocks can do very well next year,” says @fs_insight’s Tom Lee. He shares his outlook for what’s to come in 2024:
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Tom Lee of @fundstrat gives the continued bull case for stocks as we head into the new year:
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.@CathieDWood reveals Archegos Capital's Bill Hwang provided seed funding for Ark's first 4 ETFs.
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"The first two doses were provided so close together that they probably really served as two primes. This third dose is probably going to serve as a true booster in terms of inducing immune memory and. a more durable response," says @ScottGottliebMD on Covid-19 booster shots.
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"There's a reason why wealthy people absolutely love higher rates," says @downtown. "They earn stock-like returns without taking any risk."
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"There's only a limited toolbox that we have [to try to control outbreaks]," says @scottgottliebmd. "One of the things we can do is require people to wear masks. it does cut the rate of transmission."
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Here's how @fundstrat's Tom Lee is looking at today's DeepSeek news ahead of this week's big tech earnings:.
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"In a contrarian way, as ugly as today was, you have to remember. if someone is an equity investor with patient hands, they should take advantage of days like this," says @fundstrat.
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$GOOGL's shares fell after their AI picture generator created inaccurate images & @BigTechnology’s Alex @Kantrowitz says, “It’s a big deal because it’s not just about Gemini making a mistake, but it really suggests that there’s more organizational incompetence within Google."
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.@RepMaxineWaters to @SaraEisen @WilfredFrost: The President has no business interfering [with the Fed].
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"If this is a strong market, 5,000 [on the S&P 500] won't mean anything. But in February, 5,000 could be a short-term top before there's a big air pocket. It's a level to watch," says @fundstrat
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Why @fundstrat says he's not wavering from his bullish view on the market despite a rocky start to the year for stocks:
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"We invented rock n' roll. We are the most inventive. We are the youngest start-up ever, America itself. We invented $AAPL. We invented $F. And now we have #Yeezy," says @kanyewest.
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"The level of debt on the consumer is very high, and so I expect to see weaker economic data in the coming reports," says @DLineCap's Jeffrey Gundlach. "I still think there's a good shot that the history books will say September of '24 was the start of a recession."
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"I think the #Fed is trying to figure out how to communicate future cuts and the market's going to get anxious about it in the first half of next year," says @fundstrat. "Our 2024 view is most of the gains happen in the second half."
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.@jensspahn says this is why Germany has managed to handle the coronavirus outbreak better than some other countries.
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Stocks are staging a big reversal following today's hot jobs report, @fundstrat Tom Lee weighs in:
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Tesla closing down by nearly 6% today. Despite the recent moves lower, @ARKInvest's @CathieDWood says her firm's confidence in the stock has moved higher. $TSLA
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"We're hoping to see progress over the next couple of weeks in enacting that [stimulus] package into law," says @janetyellen. "Would ideally like to see a bipartisan support for the package that we think is really what we need to deal with the pandemic."
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"[Microstrategy] still has a massive runway ahead of it," says @billfour. "It's our position that we are in the very early innings today of a massive capital repricing event."
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"The fact is, if you lie to people that's fraud, and if you take their money, and they rely on your lies, that's criminal fraud. So you don't have to have a license or be regulated to be criminally responsible," says @BitfuryGroup CEO Brian Brooks.#SBF #crypto #FTX #regulation
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“Investors are still uncomfortably underinvested and, therefore, these dips are opportunities to add,” says @fundstrat’s Tom Lee. @fs_insight
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.@BitfuryGroup CEO @BrianBrooksUS among the Crypto CEOs heading to Washington next week to testify before the House Financial Services Committee. He tells us what he thinks the committee should consider when it comes to regulating cryptocurrency. $BTC $ETH
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AT THE CLOSE: Dow and S&P 500 post three-day win streaks
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#Nvidia leading stocks higher today as CEO Jensen Huang told @GoldmanSachs' Communacopia Conference he's still seeing big demand for the company's chips. @altcap's Brad Gerstner talks adding to the name during the recent dip, making it his #1 position:
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Here's why @fundstrat's Tom Lee says "there's still a big window for markets to have a big rebound" from here:.
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"The [J&J vaccine] will dramatically change the supply equation," says @scottgottliebmd. "We're looking at being able to vaccinate more than 100M Americans before the of March. That really is a gamechanger."
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"What's to stop this market now?". Wharton Professor Jeremy Siegel breaks down the bull case after a critical week of economic data and earnings.
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President Trump saying there will be "flexibility" on his reciprocal tariff plan set to go into effect on April 2. @fundstrat's Tom Lee gives his outlook on the impact to the market and economy:.
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"I don't think this is a panic. this is a recognition that we have gone too far in terms of liquidity risk and credit risk, and that economic fundamentals have deteriorated," says @elerianm.
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Here's why NYU's Aswath Damodaran, the dean of valuations, says #Nvidia is the only name of the Magnificent 7 that's priced "to the point of insanity"
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The bulls can keep charging in the second half, if you ask @fundstrat's Tom Lee, who just raised his year-end S&P price target. He breaks down the call live.
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“The probability of a June cut has been reduced, but it can come back if we have a good April & May CPI,” says @fs_insight’s Tom Lee.
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"It's all good signs for December," says @fundstrat. Here's why he's calling for a year-end rally and where he stand on rate cuts next year:
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"We're in this for the long haul. If you're speculating or you're thinking about the short term, there are plenty of other things to invest in," says @palantirtech CEO Alex Karp. "You don't have to buy Palantir, no one's forcing you.". $PLTR
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"I think we need to see attendance levels rise to 10-15% of pre-pandemic norms, but I do think that's a doable thing in our future, sometime in 2022 or 2023," @CEOAdam of AMC Entertainment on becoming robust and profitable. $AMC
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Here's how @fundstrat's Tom Lee and @DanGreenhaus give their expectations for the market and upcoming earnings on the back of today's tariff announcements:.
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"The fundamental backdrop for the Russell 2000 to outperform is actually better today than it was at the start of the year," says @fundstrat
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There are several reasons to stay bullish on equities, says @Fundstrat's Tom Lee. He lays them out after a hot jobs number:
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#Tesla popping again today, with the stock seeing a more than 40% gain since the election. @DivesTech, who is raising his price target to $400 from $300, calls president-elect Trump's victory a "game changer" for Tesla:
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"Bond prices are going up, and that just suggests to me that this is a new phase of the sell-off," Allianz Chief Economic Advisor @elerianm
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"What we can learn from Georgia is what not to do," says @scottgottliebmd regarding reopening the U.S. economy.
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"It's a phenomenal company but it's not worth $380B dollars in my opinon.". @MillerValue's Bill Miller III explains on why he's been recently shorting @Tesla, adding that he shorted more today. $TSLA @elonmusk
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AT THE CLOSE: Dow and S&P 500 post worst intraday point decline ever
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Stocks finishing lower on concerns around tariffs and hot inflation data. @fundstrat's Tom Lee weighs in on how he's thinking about the market: .
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"Investors just need to buy those [mega cap tech stocks] and really hold on to them," says @fundstrat. "But I think there's still a lot of areas that haven't participated that could really start to outperform."
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"I suspect the issue with getting 100M vaccines done in 100 days isn't gonna be distribution. It's gonna be finding 100M people who are willing to go through the hoops to get this vaccine," says @scottgottliebmd.
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CEO of @perplexity_ai @AravSrinivas discusses launching the platform's new "internal knowledge" search today, as the company ramps up efforts to take on the likes of Google in search and advertising:
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"We could have another 10% fall if people start thinking [in terms of] fundamentals," says @elerianm. "If the mindset changes from technicals to fundamentals, then this market has further to go."
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.@distributedbio is developing a COVID-19 treatment using antibodies produced during the 2002 SARS outbreak. Founder & CEO Dr. @CurleyJungleJake joined us to talk more about the timeline and potential effectiveness of the treatment.
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.@realdonaldtrump announced that the U.S. is terminating its relationship with the @WHO. @scottgottliebmd says the U.S. could have also tried to reform the Organization and "pushed the WHO to admit Taiwan to the World Health Assembly" as a way to put pressure on China.
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"We think a lot of bad news is priced in. I think there are some leading indicators telling us that in some ways some of the worst of the inflation is behind us" -@Fundstrat Tom Lee
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"We've deliberately based the decisions on the data," says New Jersey @GovMurphy on the state's path forward amid the COVID-19 pandemic. "Our mindset is we're not out of the woods yet."
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.@fundstrat says he was watching one key level on the $IWM that could indicate a "face-ripper rally" ahead.
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"I still believe that we're gonna have general availability of vaccines come April," says @scottgottliebmd.
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"What's interesting about #Nvidia is this was not a widely shorted stock into the results. So that 30% rally was really the market recognizing they have to reprice the future cash flows. I think that's pretty true for most of the FAANG trade," says @fundstrat
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"I don't think we should be thinking about achieving herd immunity. I don't know that we ever achieve true herd immunity with this virus," says @scottgottliebmd. "I think that we are going to get to point this summer where the circulation of this virus is gonna be extremely low."
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Texas @govabbott issued an Executive Order requiring all Texans to wear face masks. "Most states are gonna end up having a universal masking requirement," says @scottgottliebmd. "The only question is how much spread we're gonna tolerate before we get there."
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"I do think the worst of excesses have been corrected," Howard Marks of Oaktree Capital Management
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There's an "inherent arrogance" in not owning Nvidia based on its current valuation, says Trivariate's Adam Parker. He lays out the most prudent strategy for $NVDA investors:
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Stocks bouncing back today from a tariff-fueled rut to start out the week. Trivariate's Adam Parker and @fundstrat weigh in on with their market outlook from here:.
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"I think the $VIX spike today is pretty telling. so I think this is actually an opportunity to be long equities because of the spike," says @fundstrat. "I think that people should be using this as an opportunity to add to their cyclical exposure."
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Fundstrat's Tom Lee on why he thinks all-time highs are possible. "As inflation data weakens & economic data softens, it actually makes the fed's job easier, I think in 2H we're going to get a lot of PE expansion & better earnings".@fundstrat
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What lies ahead for stocks in the final stretch of this year and beyond?."The setup for next year is very good," says Wharton School Professor Jeremy Siegel. "I think that we can definitely get another 10-12% in 2024."
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"When you have momentum stocks. it's up the staircase, down the elevator," says Wharton School Professor Jeremy Siegel
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"There are catalysts in the next couple weeks. to see really what March inflation looks like. But I think the earnings backdrop has actually been very supportive," says @fundstrat. "As painful as the last couple of days have been. I think the risk-reward's positive right now."
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"A lot of what's going on now is in fact related to carry trades. Once they wash out, and I think it'll happen pretty quickly here, I think the market will stabilize," says @yardeni. "Not withstanding Friday's [jobs] numbers I think the economy is fine."
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"Was 50 basis points a mistake? No, because I think they should have done 25 in July and 25 in September," says Wharton School Professor Jeremy Siegel
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